Standard Chartered Launches Spot Bitcoin and Ether Trading for Institutions

Standard Chartered (LON: STAN) has become the first globally systemically important bank (G-SIB) to launch deliverable spot trading for Bitcoin (XBT/USD) and Ether (XET/USD).

The service, rolled out on July 15, 2025, is exclusively available to institutional clients through the bank’s UK entity, and is fully integrated into its existing foreign exchange (FX) infrastructure.

Clients — including corporates, asset managers, and hedge funds — can now trade BTC and ETH against the U.S. dollar in a regulated, secure, and scalable environment, with flexibility to choose custody providers, including Standard Chartered’s own Zodia Custody. The bank also intends to introduce non-deliverable forwards (NDFs) for crypto assets in the near future.

“Digital assets are a foundational element of the evolution in financial services,” said CEO Bill Winters. “As client demand accelerates further, we want to offer a route to transact, trade, and manage digital asset risk safely and efficiently within regulatory frameworks.”

Tony Hall, Global Head of Trading and XVA, added that the platform brings together the bank’s "institutional-grade infrastructure, risk management controls, and strong balance sheet to support the next phase of digital finance."

According to Rene Michau, Global Head of Digital Assets, the platform currently operates during Asia and Europe trading hours, with 24/5 access under review as client activity increases.

Market Context and Internal Research Backdrop

The move comes as institutional interest in crypto continues to build momentum. Earlier this month, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, forecasted that Bitcoin could reach $135,000 by Q3-end, reaffirming a $200,000 target by year-end. He cited a confluence of factors:

• Strong inflows into U.S. spot Bitcoin ETFs

• Growing corporate treasury allocations to BTC

• Supportive policy tailwinds, particularly in the U.S.

The trading platform complements Standard Chartered’s other digital asset initiatives — including Zodia Markets and Libeara, which focus on crypto brokerage, tokenization, and blockchain-based fund issuance.

Institutional Strategies Converge: Citi Eyes Stablecoin Launch

Just a day after Standard Chartered’s launch, Citigroup CEO Jane Fraser revealed on July 15 that the bank is actively exploring the issuance of a Citi-branded stablecoin. She noted that while tokenized deposits remain the near-term focus, Citi is also assessing custody, reserve structure, and compliance pathways for stablecoin products.

The back-to-back announcements from two of the world’s largest financial institutions illustrate a shared shift toward integrating blockchain infrastructure into core banking services. Though one is launching crypto spot trading and the other is evaluating stablecoins, both signal a long-term bet on compliant, institutional-grade digital asset rails.

Key overlaps include:

• Regulatory-first frameworks: Both banks are embedding digital assets within existing governance and risk structures (FCA registration for SC; U.S. oversight for Citi).

• Treasury and payments focus: While SC begins with trading and NDFs, Citi is approaching digital assets from the tokenized cash and reserves angle.

Together, these moves mark a new phase of institutional crypto adoption, where global banks are not just facilitating exposure — but actively building the infrastructure to power future financial services.